Loan rates are at historic lows, for those interesting in buying real estate today.  According to the Wall Street Journal through my own state real estate association,

The 30-year fixed mortgage rate fell to a new low of 4.54 percent this past week from 4.56 percent the prior week and an average of 5.25 percent a year ago. The 15-year fixed loan rate also hit a record low of 4 percent, down from 4.03 percent a week earlier and 4.69 percent last year. The five-year adjustable-rate mortgage averaged 3.76 percent, compared to 3.79 percent the previous week and 4.75 percent a year earlier; and one-year ARMs averaged 3.64 percent, down from 3.7 percent and 4.80 percent, respectively.

In addition to buying a home, these rates should be taken into account for people considering refinancing.  Refinancing may be a preferred option to trying for the faux loan modification programs, which seem to be stalling for millions of homeowners.

According to a letter to the editor published in the New York Times, the modification programs are not working.  From John C. Liu, New York City Comptroller:

The current loan modification process is plagued by bureaucratic runarounds. Homeowners are frustrated by the unanswered phone calls, lost paperwork and seemingly endless red tape. The status quo approach is clearly not working.

Have to agree with him from everyone I’ve spoken with regarding the modification program.  My verdict is the lenders are going through the motions to satisfy the administration, but are not sincere about actually helping.